"My confidence in our ability to be the No. 1 IT company is increasing,” Cisco CEO John Chambers said in a statement. "Now, more than ever, our customers and our partners want Cisco's help navigating the inconsistent global landscape successfully.”

Looking ahead, Cisco said it expects to post non-GAAP EPS of 50 cents to 51 cents in the fiscal first quarter, compared with the Street’s view of 51 cents.

Revenue is expected to grow 3% to 5%, implying a range of $12.23 billion to $12.47 billion. By comparison, Wall Street had been looking for sales of $12.45 billion.

Shares of Cisco dropped 10.28% to $23.66 in extended trading on Thursday. The bar had been set high as the shares had soared 34.2% on the year as of the closing bell, compared with 18% for the S&P 500.